Company Valuation: H&R Real Estate Investment Trust

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 4,687 3,220 2,592 2,432 2,686 2,599 - -
Change - -31.3% -19.48% -6.21% 10.47% -3.25% - -
Enterprise Value (EV) 1 4,687 7,283 6,393 6,035 2,686 4,844 4,763 3,909
Change - 55.39% -12.22% -5.6% -55.49% 80.33% -1.68% -17.93%
P/E 7.82x 4.19x 45.2x -21.7x -3.62x 14.9x 10.4x -
PBR - - - - - - - -
PEG - 0.1x -0.5x 0x -0x -0x 0.2x -
Capitalization / Revenue 4x 3.34x 2.6x 2.5x 2.74x 3.77x 3.47x -
EV / Revenue 4x 7.55x 6.41x 6.2x 2.74x 7.02x 6.35x -
EV / EBITDA 7.4x 12.1x 10.2x 9.91x 4.33x 11.2x 11.8x 12.2x
EV / EBIT - - - - - - - -
EV / FCF 11.6x - 25.2x 25.7x - -10.2x 164x -
FCF Yield 8.64% - 3.96% 3.89% - -9.83% 0.61% -
Dividend per Share 2 0.69 0.54 0.7 0.6 0.6 0.5967 0.5967 0.6
Rate of return 4.25% 4.46% 7.07% 6.47% 5.87% 6.08% 6.08% 6.11%
EPS 2 2.078 2.893 0.2189 -0.4277 -2.827 0.66 0.94 -
Distribution rate 33.2% 18.7% 320% -140% -21.2% 90.4% 63.5% -
Net sales 1 1,172 965 997.8 973.4 980.5 689.7 749.6 -
EBITDA 1 633.6 601.7 627 608.8 620.2 430.6 403.8 320.9
EBIT - - - - - - - -
Net income 1 597.9 844.8 61.69 -119.7 -791.6 132.4 268 -
Net Debt 1 - 4,063 3,801 3,604 - 2,245 2,164 1,310
Reference price 2 16.250 12.110 9.900 9.280 10.230 9.820 9.820 9.820
Nbr of stocks (in thousands) 288,440 265,885 261,868 262,016 262,566 264,637 - -
Announcement Date 2/14/22 2/13/23 2/13/24 2/12/25 2/12/26 - - -
1CAD in Million2CAD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.88x7.02x11.25x6.08% 1.88B
23.37x13.43x15.68x5.31% 16.03B
8.29x13.76x17.76x6.34% 6.64B
22.51x14.43x15.88x4.28% 6.41B
12.04x14.48x15.44x5.3% 6.37B
8.46x16.41x19.77x8.22% 5.87B
10.04x14.47x15.53x7.06% 5.84B
8.47x13.84x17.76x5.88% 5.79B
12.59x11.33x12.98x5.49% 5.22B
Average 13.41x 13.24x 15.78x 6% 6.67B
Weighted average by Cap. 15.02x 13.73x 16.12x 5.86%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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